Analysts Suggest Corporate Investors May Favor Bitcoin Accumulator Strategy Instead of Dollar-Cost Averaging

Accumulator Strategy Beats Dollar-Cost Averaging for Corporate Bitcoin Buyers, New Data Shows

Corporate interest in bitcoin remains strong, with many firms adopting a classic buy-and-hold approach similar to dollar-cost averaging (DCA). However, new research suggests that DCA may not be the most efficient way for companies to build large bitcoin positions.

A recent study by crypto options market maker Orbit Markets reveals that since 2023, a structured product called an “accumulator” has consistently outperformed DCA—a surprising result for a strategy that’s long been favored by investors of all types.

“Our backtest results show that the accumulator strategy outperformed DCA over the past two-and-a-half years,” said Pulkit Goyal, head of trading at Orbit Markets, in comments to CoinDesk. “Three-month accumulators delivered a 10% edge, while six- and twelve-month versions outperformed DCA by 13% and 26%, respectively.”

Goyal said the accumulator offers a disciplined, cost-effective way to amass tokens, making it “a natural fit for corporate crypto treasuries.”

How the Accumulator Works

Both DCA and accumulators aim to remove emotional market timing. While DCA spreads purchases over time to smooth out volatility, the accumulator allows investors to acquire coins at a discount in a structured format—often delivering better results during bullish markets.

An accumulator is a time-based structured product tied to the price movements of an underlying asset. It features an “upside knock-out” barrier: if the asset’s price rises above this level, the contract ends early.

Here’s how it works:

• The investor agrees to buy a set amount of the asset at a discounted strike price at regular intervals (daily or weekly) for a defined period.
• The deal runs for the full period unless the spot price hits the knock-out level and terminates the contract.
• Crucially, the investor is obligated—not just allowed—to buy at the strike price. If the market price falls below the strike, the investor must double their purchases at that same strike price.

A BTC Accumulator in Practice

Consider a three-month bitcoin accumulator where the investor commits to buying $1,000 worth of BTC weekly at a strike price of $94,500, which is 90% of the current spot price of around $105,000.

• As long as bitcoin trades between $94,500 and the knock-out level of $115,000, the investor accumulates BTC at a discount.
• If bitcoin’s price rises above $115,000, the contract terminates early.
• If the price drops below $94,500, the investor must double their weekly purchase to $2,000 at the same strike price. This can result in buying at prices above the market rate—earning the accumulator its dramatic nickname “I Kill You Later.”

Because of this risk, the accumulator is unsuitable for short-term traders or speculators and may not outperform DCA during extended bear markets.

The Numbers Behind the Strategy

Orbit Markets backtested a three-month BTC accumulator from January 2023 through June 13, 2025, assuming investors rolled into a new contract after each maturity or early termination.

Key results included:

• The average BTC purchase price using the accumulator was $39,035—10% lower than the DCA average price of $43,329.
• Longer-term accumulators performed even better:
  • Six-month accumulators averaged $37,654, beating DCA by 13%.
  • Twelve-month accumulators averaged $32,079, outperforming DCA by 26%.

While DCA remains popular for its simplicity and emotional ease, the findings suggest that accumulators could be a more efficient choice for corporate treasuries aiming to build significant bitcoin holdings—at least during bullish phases of the market.